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Aug 22, 2023

71 mining licenses issue by Saudi Arabia's Ministry of Industry and Mineral Resources in July 2023

RIYADH, Saudi Arabia, Aug. 30, 2023 /PRNewswire/ -- The Ministry of Industry and Mineral Resources issued 71 new mining licenses during July 2023, including 45 exploration licenses, 21 building

RIYADH, Saudi Arabia, Aug. 30, 2023 /PRNewswire/ -- The Ministry of Industry and Mineral Resources issued 71 new mining licenses during July 2023, including 45 exploration licenses, 21 building materials quarry licenses, and 5 small mine and exploitation license, according to the report of the Ministry's the National Industrial Information Center.

The report mentioned the amount of active mining licenses in the sector by the end of July 2023 amounted to 2,348 licenses, taking the lead are building materials quarry licenses with 1,453 licenses, followed by 651 exploration licenses, 182 small mine and exploitation license, 37 reconnaissance licenses, and 25 excess mineral ores licenses.

Of the total active mining licenses, the largest number have been awarded to projects within the province of Riyadh with a total of 610 licenses, followed by 384 licenses in the Makkah region, 380 licenses in the eastern region, 265 licenses in the Madinah region, and 191 licences in the Asir region. Other regions to have been granted licenses include Tabuk 150, Qassim 84, Jazan 75, Hail 59, Najran 59, Al-Baha region 37, the Northern Borders 28, and Al-Jouf 26.

Saudi Arabia's Mining Investment Law offers six types of mining licenses such as, a reconnaissance license, which includes all types of minerals for a period of two years that can be extended, and a license to explore all types of minerals for a period of 5 years for minerals of the two categories (A) and (B), and a license for minerals listed in category (c) For a period of one year, a general purpose license linked to a mining or small mine license.

The Law also specified exploitation licenses, which include: a mining license for minerals of two categories (A) and (B), with a license period up to 30 years, subject to renewal or extension, and a license for a small mine for minerals of two categories (A) and (B), the duration of which is no more than 20 years, and the building materials quarry license for minerals of category (C) with a license period of up to 10 years that can be extended. The Law also includes a license for "surplus mineral ores in project sites or privately owned lands."

The Ministry of Industry and Mineral Resources aims to develop the mining sector in line with the objectives of the Kingdom's Vision 2030 and the National Industry Development and Logistics Program, with the goal of making mining the third pillar of the national industry. With mineral resources estimated to be worth around 5 trillion riyals, there is great potential for the sector to contribute significantly to the country's economy.

For more information on the Kingdom's mining licensing procedures, visit mim.gov.sa.

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SOURCE Ministry of Industry and Mineral Resources